“Contrary to popular belief, this doesn’t need legislative change to happen, it’s already happening. We’ll also see new innovations enter the market, ranging from non-insured risk transfer vehicles to superfunds.”

It is expected that DB assets will shrink to around half of today’s £1.5trn in 25 years’ time – although still a sizeable £700bn – while the combined UK deficit should decrease from £800bn to £200bn.

In addition, Hymans Robertson anticipates there will be a 93% drop in the number of trustees, falling from 30,000 to around 2,000, while there will also be a 90% reduction in benefit sections within schemes.

Hatchett said that around one million members of DB pension schemes could be consolidated into master trusts, and that two million will reach the “end game” and move into buy-outs with insurers.

He added that another 500,000 members could fall into the Pension Protection Fund along the way, while approximately one million are expected to transfer out of DB schemes following freedom and choice reforms.

“From the perspective of employers, the cost of sponsoring DB schemes has been eye-watering,” he continued. “They’ve paid hundreds of billions of pounds in deficit contributions and on average seen deficits continue to rise.

“Consolidation, in all its guises, will definitely have a role to play in moving us towards a better future for DB schemes, their members and sponsors.”